Home Mortgage News Budget 2023-24 Preview: Changes to Home Guarantee Scheme

Budget 2023-24 Preview: Changes to Home Guarantee Scheme

Published on 08 May, 2023

The Federal Government will be expanding the eligibility of the programs under the Home Guarantee Scheme, making it easier for more buyers to be qualified.

Good news for prospective homebuyers: the Federal Government is set to broaden the eligibility criteria for programs under the Home Guarantee Scheme, enabling more buyers to qualify with ease.

The changes is expected to be officially announced tomorrow as Federal Treasurer Jim Chalmers unveils the Budget 2023-24.

Here's what we know so far:

Starting July 2023, joint applications for friends, siblings, and other family members will be allowed under the First Home Guarantee and the Regional First Home Buyer Guarantee.
Meanwhile, non-first-home buyers who have not owned a property in Australia in the last 10 years will be eligible to apply for First Home Guarantee and the Regional First Home Buyer Guarantee. This will provide support to those who are planning to re-enter the property market.
The Family Home Guarantee will also be extended to include single legal guardians of children such as aunts, uncles, and grandparents.

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